NOVOSIBIRSK, June 9. /TASS/. Russia has not more than 25-30 years to establish oil production in the Arctic region, which would allow the country to ensure its economic development during the whole 21st century, Alexey Kontorovich, Research Manager of the Institute of Geology, Oil and Gas of Russia’s Academy of Sciences said.

Speaking at the 4th International forum of technological development Technoprom he said:

"Our land resources and reserves allow us to start operation (in the Arctic region - TASS) by the middle of the 21st century. We have 25-30 years."

Kontorovich said that in the 2040s the European part of Russia will see a steady decline in oil production. Western Siberia will maintain production longer but it won’t be enough to meet the country’s economic needs. In its turn the development of Arctic fields will enable Russia to ensure sustainable economic development during the whole 21st century.